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Dec 30, 2012
12/12
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having said that, it has become part of our deficit negotiation. i'm troubled by the notion that we're somehow going to give a tax break to some 6,000 very fortunate americans and incur a new expense for our federal government of some $130 billion or $140 billion in the process. what are we thinking? at a time whaoef to try to -- we have to try to bring together the resources to reduce our deficit, why would we want to give a new bonus break for the wealthiest people in this country when it comes to the estate tax. at that to me would be a step backwards. i hope we are not forced into any agreement that includes it, although i stand here knowing full well that if there is an ultimate compromise there will be parts of it i find disgusting and reprehensible which i may have to swallow in the name of following a compromise to avoid the fiscal cliff. that is the nature of a compromise. i hope that one isn't included but it may be. we have to do things important for this economy and one of the most important is to make sure we extend unemployment benefi
having said that, it has become part of our deficit negotiation. i'm troubled by the notion that we're somehow going to give a tax break to some 6,000 very fortunate americans and incur a new expense for our federal government of some $130 billion or $140 billion in the process. what are we thinking? at a time whaoef to try to -- we have to try to bring together the resources to reduce our deficit, why would we want to give a new bonus break for the wealthiest people in this country when it...
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Dec 23, 2012
12/12
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CSPAN2
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my views will never fix the deficit soccer in the dirt. [applause] so therefore you shouldn't take my word for it. you should take the word for the people who are experts on the economy. and here's our product. you are the first to see it. so we published a book, "the 4% solution." jim is going to introduce many of the folks who are here who have written some of the chap verse. and then brendan miniter come in the very able editor at the bush summer will be conduct in the panel. if you please welcome jim glassman, founding executive director of the george w. bush institute and has led us nobly in her first 18 months of existence. for practice have you here. it's for coming. [applause] >> thank you, president bush. panelists may. president bush talk to you about what we are doing in africa. one of the waste to sum up what the bush institute does is advancing freedom. you can't be free if you're sick. he can't be free either if you live in a society ruled that the gators as the people of our brand or syria or cuba do. but the freedom collect
my views will never fix the deficit soccer in the dirt. [applause] so therefore you shouldn't take my word for it. you should take the word for the people who are experts on the economy. and here's our product. you are the first to see it. so we published a book, "the 4% solution." jim is going to introduce many of the folks who are here who have written some of the chap verse. and then brendan miniter come in the very able editor at the bush summer will be conduct in the panel. if...
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Dec 30, 2012
12/12
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CNNW
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we still have a huge deficit. if we do not take on spending, then the cliff may not seem like a cliff but will be a downward slide to make us like greece. no lodnger a viable economic power. >> hang on. we'll continue this. we have to take a quick break. the fiscal cliff has the president sounding like new york yankees legend yoeg gi ber ra. >> this is deja shz vu all over again. americans want to know why you can't get stuff down in an organized timetable. >> so if we all saw it coming, why did congress wait so long to do something about it? why do toys for tots and hasbro trust duracell to power their donated toys? duralock power preserve. it locks in power for up to 10 years in storage. guaranteed. duracell with duralock. trusted everywhere. anyone have occasional constipation, diarrhea, gas, bloating? yeah. one phillips' colon health probiotic cap each day helps defend against these digestive issues with three strains of good bacteria. approved! [ female announcer ] live the regular life. phillips'. >>> we are
we still have a huge deficit. if we do not take on spending, then the cliff may not seem like a cliff but will be a downward slide to make us like greece. no lodnger a viable economic power. >> hang on. we'll continue this. we have to take a quick break. the fiscal cliff has the president sounding like new york yankees legend yoeg gi ber ra. >> this is deja shz vu all over again. americans want to know why you can't get stuff down in an organized timetable. >> so if we all saw...
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Dec 29, 2012
12/12
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CSPAN2
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but since everyone understands if you are serious about the deficits and the debt you don't begin our program they've and imagine how you are going to sort of put that together in the end. and so, i think that is a sort of fundamental difference. democrats are protective, and therefore their political incentives are to play the same hardball with permanent campaign hardball, they are not prepared to put at risk the full faith and credit of the united states. they are not prepared to shut the government down. they just won't do that because they believe the government plays an important role. conservatives, real conservatives want the government that they have, and not a bit more that they need, but they are not wild and crazy about just dumping on that. and i think we have -- it is almost a radical perspective, not a conservative perspective. again, it is one that is much more protective of the government, and i think the difference is real. >> i want to threw out a theory we may not want to go after the hash tag triet 1 feet. it's all bill clinton's be fivefold, and starting in the 1
but since everyone understands if you are serious about the deficits and the debt you don't begin our program they've and imagine how you are going to sort of put that together in the end. and so, i think that is a sort of fundamental difference. democrats are protective, and therefore their political incentives are to play the same hardball with permanent campaign hardball, they are not prepared to put at risk the full faith and credit of the united states. they are not prepared to shut the...
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Dec 28, 2012
12/12
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CSPAN2
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eye 62
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so they didn't show as a deficit. a vendor ackley to the debt. so while the budgets were reasonable in that period of time, the actual spending didn't show in the budget and people didn't pay as much attention to the debt as they do today because it kept mounting and so we borrowed to pay for the war and in fact we didn't ask people to make sacrifices financially. >> there is a difference between borrowing in the future, paying for work and paying back words, we are having to pay right now. people might have felt differently if they had felt the pinch right at that time. we would have asked different questions and were asked, and i think that is one of the reasons we got where we are. and it's where we are. >> on appropriations could you have been any more vocal about it to provide us getting into this situation? >> welcome on was vocal about it. i don't know. when i got on the appropriations committee and became the chairman of the legislative branch all of the buildings, library of congress, congressional budget office, the cattle cars, office
so they didn't show as a deficit. a vendor ackley to the debt. so while the budgets were reasonable in that period of time, the actual spending didn't show in the budget and people didn't pay as much attention to the debt as they do today because it kept mounting and so we borrowed to pay for the war and in fact we didn't ask people to make sacrifices financially. >> there is a difference between borrowing in the future, paying for work and paying back words, we are having to pay right...
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Dec 29, 2012
12/12
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CSPAN2
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that is to say the expiration of the tax cuts pretty much take care of our intermediate deficit problem and implementation of the cost saving measures strengthened over time in the aca will deal with their long-term health care problem. so we are not that far away and we have other tremendous strengths in our country that would allow us to make the kind of investment to transform the economy, to do with the reality of stagnant wages and a sense of diminished opportunities. we have strengths. we can do it. we need the public to rain and behavior that's destructive and we need political leaders to act forcefully. given enough to bipartisan commissions and searched enough for bipartisan consensus. for sensible hard all politics along these lines. >> norm, i particularly cutie take the money question. a couple political had a great shared that showed that party polarization in congress was directly correlated with increasing concentrations of wealth from increasing equality went together artisan polarization. and the money question you can handle so many different ways. i'm really concerned
that is to say the expiration of the tax cuts pretty much take care of our intermediate deficit problem and implementation of the cost saving measures strengthened over time in the aca will deal with their long-term health care problem. so we are not that far away and we have other tremendous strengths in our country that would allow us to make the kind of investment to transform the economy, to do with the reality of stagnant wages and a sense of diminished opportunities. we have strengths. we...
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Dec 30, 2012
12/12
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MSNBCW
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it would have an impact on the deficit. the president and democrats said they would like to have more deficit reduction but they don't want middle income seniors paying for that. it's a tough, tough point. the president said he would be open to entitlement changes in a bigger, broader deal. that's not what this was intended to be in the last 48 hours or so. i don't have a crystal ball. the moment we are in right now, it's not looking good. >> kelly o'donnell, live on capitol hill. we will check back in with you. thank you so much. again, the update, the highlight there from kelly o'donnell. there's been a major setback at this point in negotiations. according to democratic sources telling some democrats they are in a worse place in the negotiations now than they have been in some time. we're keeping a close eye on capitol hill. all the fiscal cliff business, maybe we put it aside at some point. we are not going to talk about that. by all accounts, 2013 should be a year of economic recovery. it should be. in a new article in
it would have an impact on the deficit. the president and democrats said they would like to have more deficit reduction but they don't want middle income seniors paying for that. it's a tough, tough point. the president said he would be open to entitlement changes in a bigger, broader deal. that's not what this was intended to be in the last 48 hours or so. i don't have a crystal ball. the moment we are in right now, it's not looking good. >> kelly o'donnell, live on capitol hill. we will...
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Dec 26, 2012
12/12
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CSPAN2
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house and everything that happened after that, the fight's over the budget and the debt ceiling and a deficit-reduction, also the reading and what happened in egypt and libya, and so i'm looking at how obama made the decisions he made and why he took the actions he took in that very perilous time politically but i also explained how this is all done in a way to set up the 2
house and everything that happened after that, the fight's over the budget and the debt ceiling and a deficit-reduction, also the reading and what happened in egypt and libya, and so i'm looking at how obama made the decisions he made and why he took the actions he took in that very perilous time politically but i also explained how this is all done in a way to set up the 2
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Dec 28, 2012
12/12
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that have major catastrophe as that now all of a sudden in time of extremists in terms of our debt and deficit, that we're going to all of a sudden change that? and why are we changing that? especially since most of this money isn't going to be spent, isn't even going to be initialized for at least two years. i'd ask unanimous consent that that amendment be set aside and amendment 3370 be called up. the presiding officer: without objection. the clerk will report. the clerk: the senator from oklahoma, mr. coburn, for himself and mr. mccain, proposes an amendment numbered 3370, as modified. mr. coburn: i'd ask unanimous consent the amendment be considered as read. the presiding officer: without objection. mr. coburn: and per the request of senator schumer, i put a division in this amendment so we would have two votes on it separating out the fisheries because he thought that was important. i was glad to accommodate his needs. the main -- mr. schumer: will the gentleman yield? mr. coburn: i would be happy to. mr. schumer: i just want to thank him, he was gracious. there are two separate issues he
that have major catastrophe as that now all of a sudden in time of extremists in terms of our debt and deficit, that we're going to all of a sudden change that? and why are we changing that? especially since most of this money isn't going to be spent, isn't even going to be initialized for at least two years. i'd ask unanimous consent that that amendment be set aside and amendment 3370 be called up. the presiding officer: without objection. the clerk will report. the clerk: the senator from...
WHUT (Howard University Television)
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Dec 28, 2012
12/12
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WHUT
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how is it we can be talking about tax cuts at the same time we have this massive deficit? we are getting the american people to believe we can cut taxes, increase military spending, and balance the budget. that is kind of what they talked about during the reagan administration and ended up with a huge hidden deficit, beginning to bloom once the administration's came in. we have to change our economy. we have to emphasize job creation. and then investors can come back in and you can start to see consumer confidence building. but right now we are limping as a nation. our politics are being translated into some kind of punch and judy show between democrats and republicans. we don't need that. we have got to help real people. we have to keep people in their homes, did not only unemployment benefits passed the people back to work. why are we not emphasizing that? that is why this whole debate about the fiscal cliff, as steve baker says, has elements that are commerical. >> congressman, in your response, you link the war machine to the battles at home over domestic spending. cou
how is it we can be talking about tax cuts at the same time we have this massive deficit? we are getting the american people to believe we can cut taxes, increase military spending, and balance the budget. that is kind of what they talked about during the reagan administration and ended up with a huge hidden deficit, beginning to bloom once the administration's came in. we have to change our economy. we have to emphasize job creation. and then investors can come back in and you can start to see...
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Dec 23, 2012
12/12
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about 2% is a manageable deficit. the problem over the past three years is that we are at 60% and 24%. that gap is too big. at what level do you set the tax rate and what level do you have the spending rates? taxing a 24% will probably never happen. the question is, where is that middle ground do you end up? the bowles-simpson commission had 21%. members of congress have insisted that it does not go higher than 18%. that is the fight that will play out over the next couple of years. how much do we tax? how much are we paying for it? host: we want to remind our viewers and listeners of the consequences of going off of the fiscal cliff. in terms of the tax increases, it would mean another $221 billion. .he bush tax cuts expiring i payroll tax relief would expire and raise another $95 billion. i dish the provisions expire -- additional provisions expire for $65 million. the new affordable care act taxes would raise $18 billion. $65 billion in spending cuts for the budget control act, otherwise known as sequestration. $26
about 2% is a manageable deficit. the problem over the past three years is that we are at 60% and 24%. that gap is too big. at what level do you set the tax rate and what level do you have the spending rates? taxing a 24% will probably never happen. the question is, where is that middle ground do you end up? the bowles-simpson commission had 21%. members of congress have insisted that it does not go higher than 18%. that is the fight that will play out over the next couple of years. how much do...
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Dec 22, 2012
12/12
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WRC
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going up on middle class americans while extending unemployment insurance and laying the groundwork for deficit reduction. >> i expect democrats and republicans to get back to washington and have it pass both chambers. and i will immediately sign that legislation into law. >> reporter: house speaker john boehner also headed home after a bruising week. his own conference refused to back his proposal, which would have allowed taxes to go up on the wealthy, delivering a stinging blow to his leadership. today he faulted the president and congressional democrats for the impasse. >> unfortunately, the president and senate democrats have vowed to reject and veto all of our proposals while failing to offer responsible solutions of their own. >> reporter: the prospects for a deal remain grim. on friday senate republican leader mitch mcconnell said his strategy forward is unclear, but stressed time is running out. >> the u.s. economy is at stake here. millions upon millions of families are counting on us to do something. >> reporter: while the president expressed measured confidence -- >> call me a hopel
going up on middle class americans while extending unemployment insurance and laying the groundwork for deficit reduction. >> i expect democrats and republicans to get back to washington and have it pass both chambers. and i will immediately sign that legislation into law. >> reporter: house speaker john boehner also headed home after a bruising week. his own conference refused to back his proposal, which would have allowed taxes to go up on the wealthy, delivering a stinging blow...
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Dec 30, 2012
12/12
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KPIX
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might look like but will it actually do anything to cut the deficit? and what happens nay don't get a deal? we'll hear from two senators who have been working together on deficit reduction, assistant majority leader dick durbin of illinois, and senator tom coburn of oklahoma. then we'll look forward to 2013 with an all-star panel include peggy noonan of the "wall street journal." dee dee myers of "vanity fair." "time" magazine's executive editor michae michael duffy, and also "time" columnist joe klein. and we'll hear from major garrett and nancy cordes. >> you going to get a deal today, sir? >> hope so. >> o'donnell: it's all ahead because this is "face the nation." captioning sponsored by cbs from cbs news in washington, "face the nation" with bob schieffer. substituting for bob schieffer, cohost of "cbs this morning," norah o'donnell. >> o'donnell: good morning, again. tom coburn and dick durbin are here, and we'll turn to both of you in just a moment. but we want to start with some new information from chief white house correspondent major garrett
might look like but will it actually do anything to cut the deficit? and what happens nay don't get a deal? we'll hear from two senators who have been working together on deficit reduction, assistant majority leader dick durbin of illinois, and senator tom coburn of oklahoma. then we'll look forward to 2013 with an all-star panel include peggy noonan of the "wall street journal." dee dee myers of "vanity fair." "time" magazine's executive editor michae michael...
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Dec 28, 2012
12/12
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paul ryan, the big deficit guy, or so he says, he was on the simpson-bowles commission, and he voted against it, as did every other house republican on the commission. the white house saw no reason to embrace something that raised taxes so sky high and so the white house brought out something that was frankly to the right of simpson-bowles. their budget was to its right and they thought it had a better chance of passing. they thought it was a compromise. but the house republicans did not respond the same way. when they brought out the ryan budget, which was their budget alternative, they didn't compromise. they went way to the right. there was no compromise in it at all. that is fact number one. number two, in 2010 republicans won the midterm election. 2011 the white house agreed to a deal that was all spending cuts. it is the budget control act. it cuts spending by $1.8 trillion over the next decade. except for an increase in pell grants, the bill is all cuts, no taxes. and democrats agree to that. they agreed. that is fact number two. fact number three. at this point even after win
paul ryan, the big deficit guy, or so he says, he was on the simpson-bowles commission, and he voted against it, as did every other house republican on the commission. the white house saw no reason to embrace something that raised taxes so sky high and so the white house brought out something that was frankly to the right of simpson-bowles. their budget was to its right and they thought it had a better chance of passing. they thought it was a compromise. but the house republicans did not...
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Dec 30, 2012
12/12
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FBC
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the most deficit reduction is gog toome from no deal. and that's what we need. that's what this economy needs, the biggest threat to economic growth, if the deficit and the debt, 4 trillion, everybody talks about it as some sort of grand bargain. it's barely a start. this isn't a fiscal cliff, it's a fisca bunny hill, let's slide down it. >> if we slide down, jonas, in the first week, people are going to open up the paycheck and see less money there. i don't think that people understandhat at this point. >> people get used to tax cs, that's the problem. shoort-term expiring tax cuts, including the payroll tax cut. you know, it's not the best way to solve a problem, but th cliff is the result of not coming up with deals and they're not going to come up with battery deal, if it's negotiated it's nothe ideal way to solve it outfter deficit. we'd like t gradually raise taxes and cut spending, but this is the best we're going to get. any of the deals they would agree on, probably leave us to the other guest's pot, close to a trillion dollars anyway, and it's the clos
the most deficit reduction is gog toome from no deal. and that's what we need. that's what this economy needs, the biggest threat to economic growth, if the deficit and the debt, 4 trillion, everybody talks about it as some sort of grand bargain. it's barely a start. this isn't a fiscal cliff, it's a fisca bunny hill, let's slide down it. >> if we slide down, jonas, in the first week, people are going to open up the paycheck and see less money there. i don't think that people...
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Dec 29, 2012
12/12
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is in the white house, deficits don't matter. can you tell us a little bit about the philosophies of the two candidates? well now, the president and the ex-candidate. will the situation be that much different if there was a different man in the white house? guest: well, look, it's an interesting question. it is certainly true that tax policy was one of the key sort of issues in the last election. and actually, the debate that we're having if it sounds familiar, it's because we've had it several times before. it was really a similar debate to what we had in 2008. we had the same debate in 2010. we had a similar debate in 2011 when we were dealing with the debt ceiling issue the first time around. and we dealt it with it in the last election. and the differences have always been that president obama has maintained that tax cuts should be allowed to expire for people making more than $250,000. mitt romney called for extending all the tax cuts fully. and making other changes to the tax code. but, you know, i mean, he wouldn't be in o
is in the white house, deficits don't matter. can you tell us a little bit about the philosophies of the two candidates? well now, the president and the ex-candidate. will the situation be that much different if there was a different man in the white house? guest: well, look, it's an interesting question. it is certainly true that tax policy was one of the key sort of issues in the last election. and actually, the debate that we're having if it sounds familiar, it's because we've had it several...
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Dec 27, 2012
12/12
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finance our deficits. and this is precisely how it worked. and the trouble was -- and if you want to understand exactly how the capital gains profits were attracted to the united states -- there are some key elements. there were some key elements. one was the proliferation of blue-collar workers in united states. that kept prices low. even with the oil crisis, prices in the united states rose more slowly than they did in japan or europe. so, if you were japanese or german, the profits, where do you invest them? where do you keep them? you keep them with the low inflation rate. that is one reason. one mechanism that helps attract the capital from the rest of the world and close the loop. wall street was another. it has an amazing capacity to create a metaphysical value out of nothing. walmart was another. is promoted the ideology of cheapness, which was calculated so brilliantly. nobody needs a gallon of pickles. i don't think it fits in a fridge. why was walmart producing it? i think it was a symbolic gest
finance our deficits. and this is precisely how it worked. and the trouble was -- and if you want to understand exactly how the capital gains profits were attracted to the united states -- there are some key elements. there were some key elements. one was the proliferation of blue-collar workers in united states. that kept prices low. even with the oil crisis, prices in the united states rose more slowly than they did in japan or europe. so, if you were japanese or german, the profits, where do...
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Dec 30, 2012
12/12
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MSNBCW
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part of that is deficit reduction. part of it is also making sure that we're investing for example in rebuilding our infrastructure. which is broken. and if we are putting people back to work rebuilding our roads, our bridges, our schools -- in part paying for it by some of these broader long-term deficit reduction measures that need to take place, that will grow the economy at the same time as we're also setting our path for long-term fiscal stability. number three, we've got a huge opportunity around energy. we are producing more energy and america can become an energy exporter. how do we do that in a way that also deals with some of the environmental challenges that we have at the same time? so that's going to be a third thing. but the most immediate thing i've got to do, starting on january 1st, if congress doesn't act before the end of the year, is make sure that taxes are not going up on middle class families. and because it is going to be very hard for the economy to sustain its current growth trends if suddenly
part of that is deficit reduction. part of it is also making sure that we're investing for example in rebuilding our infrastructure. which is broken. and if we are putting people back to work rebuilding our roads, our bridges, our schools -- in part paying for it by some of these broader long-term deficit reduction measures that need to take place, that will grow the economy at the same time as we're also setting our path for long-term fiscal stability. number three, we've got a huge...
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Dec 27, 2012
12/12
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FBC
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we have got social security, record number of people on disability, record deficit for social security, $47 billion a year, almost $1 billion a week flowing out more than coming in and young people, you voted for no change to entitlement, keep on paying for old people. what is going on? >> that is right. jasey told us to vote for barack obama. the irony is many young people look at social security and may know it is not going to be around for them in the future. they are not planning their lives and certainly not their retirement banking on social security solvency. the problem is you have the republican party who rrfuses to address letting younger workers invest their own money into their own retirement programs because they view it as a death knell of the voting booth. there is that problem. you are absolutely right. i don't view social security being around for me. how idiotic government bureaucrats are today, the social security administration claims theyyare running not a deficit of $47 billion that actually running a surplus of $65 billion because of all the ious from the treasur
we have got social security, record number of people on disability, record deficit for social security, $47 billion a year, almost $1 billion a week flowing out more than coming in and young people, you voted for no change to entitlement, keep on paying for old people. what is going on? >> that is right. jasey told us to vote for barack obama. the irony is many young people look at social security and may know it is not going to be around for them in the future. they are not planning...
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Dec 27, 2012
12/12
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CSPAN2
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i don't believe it adds a penny to the deficit and it shouldn't be a victim of deficit reduction when it has nothing to do with the current deficit. secondly, i understand the importance of medicaid to those who are young, single moms, the disabled, the elderly, those suffering from mental illness. medicaid is critically important, and we can't let that be devastated, particularly in the struggling economy when so many people are out of work or working at jobs without health insurance. and third, medicare. in 12 years, medicare is going to go bankrupt. it will be insolvent. we have to sit down and honestly deal with entitlement reform that saves the program, doesn't lose them to the paul ryan budget approach but saves the program in a fiscally responsible way. now, that's the first thing we should agree on. both sides have to come together and be prepared to give. the second thing is it takes both sides. what speaker boehner proved to us last week is if you try to do so-called plan b in the republican caucus, no hope. but if you take a measure to the floor of the house and invite demo
i don't believe it adds a penny to the deficit and it shouldn't be a victim of deficit reduction when it has nothing to do with the current deficit. secondly, i understand the importance of medicaid to those who are young, single moms, the disabled, the elderly, those suffering from mental illness. medicaid is critically important, and we can't let that be devastated, particularly in the struggling economy when so many people are out of work or working at jobs without health insurance. and...
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Dec 30, 2012
12/12
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it doesn't help make lowering future deficits any easier. so there are some things we need to change about the corporate tax code but in general i think we need to realize that if we set our country on the right path making the right investments in technology and education and really making sure we don't cut the necessary programs that can help us do that growth and so we have to make them a priority and perhaps deprioritize other spending areas we will be able to grow with the global economy . manufacturing has already come back to some degree i know that apple computers are actually moving a couple production facilities back to the united states from china. there's a real key is to make sure that we're continuing to invest in those types of investments and help us compete on a global scale. but we should also realize that it helps us when apple can produce their goods in china in a more cheap efficient manner than we could here because american consumers can get i pods and i phones on a much discounted basis from what it would be if we tri
it doesn't help make lowering future deficits any easier. so there are some things we need to change about the corporate tax code but in general i think we need to realize that if we set our country on the right path making the right investments in technology and education and really making sure we don't cut the necessary programs that can help us do that growth and so we have to make them a priority and perhaps deprioritize other spending areas we will be able to grow with the global economy ....
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Dec 29, 2012
12/12
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CSPAN
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is in the white house, deficits don't matter. can you tell us a little bit about the philosophies of the two candidates? well now, the president and the ex-candidate. will the situation be that much different if there was a different man in the white house? guest: well, look, it's an interesting question. it is certainly true that tax policy was one of the key sort of issues in the last election. and actually, the debate that we're having if it sounds familiar, it's because we've had it several times before. it was really a similar debate to what we had in 2008. we had the same debate in 2010. we had a similar debate in 2011 when we were dealing with the debt ceiling issue the first time around. and we dealt it with it in the last election. and the differences have always been that president obama has maintained that tax cuts should be allowed to expire for people making more than $250,000. mitt romney called for extending all the tax cuts fully. and making other changes to the tax code. but, you know, i mean, he wouldn't be in o
is in the white house, deficits don't matter. can you tell us a little bit about the philosophies of the two candidates? well now, the president and the ex-candidate. will the situation be that much different if there was a different man in the white house? guest: well, look, it's an interesting question. it is certainly true that tax policy was one of the key sort of issues in the last election. and actually, the debate that we're having if it sounds familiar, it's because we've had it several...
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Dec 30, 2012
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with the deficit ticking ever higher, patience is wearing thin. >> for those of us who invest in the stock market, it's disgusting to watch them jockey around with our money. >> reporter: missing in all the last-minute negotiations is talk of the $1.2 trillion of mandatory spending cuts scheduled to go into affect today. tara mergener for cbs news, washington. >>> former president george h.w. bush is 88 years old and sent to the hospital last month in houston. he was moved into intensive care december 23rd after developing a fever. doctors say he was -- his condition is improving and he was moved to a regular room yesterday and is in good spirits. >>> looks like plastic shopping bags might be a relic of the past. >> just ahead, the final two days for the bags in an entire bay area county. >> and a look back at some of the year's big stories in the u.s. of a. we'll be right back. ,,,, . >> there is the golden gate bridge, sunny and chilly. a few clouds around. aside from that, a nice day. ,,,,,,,, ban" bandwagon... as the new year begins tuesday. . >>> one of the bay area's largeet co
with the deficit ticking ever higher, patience is wearing thin. >> for those of us who invest in the stock market, it's disgusting to watch them jockey around with our money. >> reporter: missing in all the last-minute negotiations is talk of the $1.2 trillion of mandatory spending cuts scheduled to go into affect today. tara mergener for cbs news, washington. >>> former president george h.w. bush is 88 years old and sent to the hospital last month in houston. he was moved...
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Dec 27, 2012
12/12
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medicaid deficit finance right now. those are key parts of a safe bet that we'll b will be fallinr their own financial weight unless they are fixed. what we really have to do on behalf of the next generation. gerri: they want to raise the debt ceiling again, as a matter of fact by monday we will be out of dough. it is unconscionable to me we are in this position again. let's remember what happened last time. the market sold off, the economy went into the tank. will that happen all over again? >> i think it is a serious possibilities out like to make that they don't mix the debt ceiling in with the fiscal cliff. we have to get to next without a self-inflicted recession and take on the debt ceiling which a symptom of the national debt. if we can deal with the national debt, we can get a deal on the debt ceiling. but that is a lot of work. gerri: the war of words going on is not helping. harry reid saying it is republicans fault and somebody from boehner's office said harry reid has to talk less and legislate more. it is c
medicaid deficit finance right now. those are key parts of a safe bet that we'll b will be fallinr their own financial weight unless they are fixed. what we really have to do on behalf of the next generation. gerri: they want to raise the debt ceiling again, as a matter of fact by monday we will be out of dough. it is unconscionable to me we are in this position again. let's remember what happened last time. the market sold off, the economy went into the tank. will that happen all over again?...
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Dec 23, 2012
12/12
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that is where we need to go in terms of reducing the deficit. guest: that is true, we to cut spending, but there is some conflicting of a couple issues. we to cut long-term spending on retirement programs to make them more in line with economic growth, not make them grow that much more quickly than economic growth. all the things that the republican house has passed, cuts, have the discretionary spending and non-defense discretionary spending. so i think it is true you have to be serious about long-term mandatory spending reductions, but you cannot get their only by spending -- reducing spending. you have to do something on taxes. really, plan b was about tax cuts, not spending. it seems to me the only with the republican party will get major spending cuts passed is it they also agreed to new revenue. otherwise, the president cannot be out there continually only cutting spending while leaving all of the bush-ever tax cuts in place. host: let me share with you what family pet rich writes. she says it is almost certain that social security will be
that is where we need to go in terms of reducing the deficit. guest: that is true, we to cut spending, but there is some conflicting of a couple issues. we to cut long-term spending on retirement programs to make them more in line with economic growth, not make them grow that much more quickly than economic growth. all the things that the republican house has passed, cuts, have the discretionary spending and non-defense discretionary spending. so i think it is true you have to be serious about...
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Dec 26, 2012
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we run for years over a trillion dollar deficits and it is time for us to do a big fiscal deal in washington that really drives down the trajectory of our debt. we have to do it. and then come in the senate, we have to get back to regular budgeting. i serve on the senate budget committee. since i have been! =-- since i have been te here, even before that, three years since we have any budget in the senate. -- since i have been there, even before that, three years since we have done a budget in the senate. >> new hampshire is a great model. >> absolutely. this to me is the number one overriding priority. and i want to be part of making sure that we finally start getting on the right fiscal track. it is not easy. but there is no easy answer to all of this. and programs like social security and medicare, we have to start talking about how we reform them. because, for example, medicare goes bankrupt in 2024. that is not that far off for people in this room who rely on it. or social security in 2033. we have to have those hard discussions right now to strengthen america because nobody wants to se
we run for years over a trillion dollar deficits and it is time for us to do a big fiscal deal in washington that really drives down the trajectory of our debt. we have to do it. and then come in the senate, we have to get back to regular budgeting. i serve on the senate budget committee. since i have been! =-- since i have been te here, even before that, three years since we have any budget in the senate. -- since i have been there, even before that, three years since we have done a budget in...
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Dec 30, 2012
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who should pick up the burden for deficit reduction? working people who have seen their wages go down or the top 2% who have done phenomenally well, while their effective tax rate, as mitt romney reminded us by not releasing his tax returns, is extremely low. so to my mind, what this deficit reduction debate is about is asking the wealthiest people, the large corporations to help us with deficit reduction and give a break for a change to the middle class and working families. >> as you say, one that would mean less money for seniors with the social security adjustment is off the table, are you more optimistic about getting a deal done. >> we still have a long way to go. >> what do you see as the major sticking point? >> one of the sticking pointing, what the republicans want to do is continue the 2010 agreement on lower estate tax rates, which means, chris, $120 billion tax break over a ten-year period for the top 0.2 of 1%. they get $120 billion tax break. and people come forward and say we're very serious about deficit reduction. thir
who should pick up the burden for deficit reduction? working people who have seen their wages go down or the top 2% who have done phenomenally well, while their effective tax rate, as mitt romney reminded us by not releasing his tax returns, is extremely low. so to my mind, what this deficit reduction debate is about is asking the wealthiest people, the large corporations to help us with deficit reduction and give a break for a change to the middle class and working families. >> as you...
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Dec 30, 2012
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i think there is a deficit there of very broad-minded leadership, and there is certainly a deficit of trust between the congress and the president, and 20 republican in congress and the democrats. so plenty of fault to go around. >> o'donnell: dee dee, what about that? mitch mcconnell, who is really now at the heart of make something sort of deal today about how far he can take republicans, he says the president called him last week. it was the first time he's talked to the president since november 16. why is-- is there something the president is responsible for that he's not reached out enough to republicans and established that kind of trust that there has been lacking? >> look, i would have liked to have seen the president do more reaching out during the entirety of his first term. keep in mind, the president has been negotiating with john boehner, and that was the agreed upon format. he's been in conserves with him, and when push comes to shove, boehner cannot get these deals done in his caucus. the big change is not in the white house. it's in the culture of congress. it has beco
i think there is a deficit there of very broad-minded leadership, and there is certainly a deficit of trust between the congress and the president, and 20 republican in congress and the democrats. so plenty of fault to go around. >> o'donnell: dee dee, what about that? mitch mcconnell, who is really now at the heart of make something sort of deal today about how far he can take republicans, he says the president called him last week. it was the first time he's talked to the president...
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Dec 30, 2012
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part of that is deficit reduction. part of it is also making sure that we're investing, for example, in rebuilding our infrastructure, which is broken. and, you know, if we are putting people back to work, rebuilding roads, bridges, schools, in part paying for it by some of these broader long-term deficit reduction measures that need to take place, that will grow the economy at the same time as we're also setting our path for long-term fiscal stability. number three. you know, we've got a huge opportunity around energy. we are producing more energy, and america can become an energy exporter. how do we do that in a way that also deals with the environmental challenges we have at the same time? so that's going to be a third thing. but the most immediate thing i've got to do starting on january 1, if congress doesn't act before the end of the year, is to make sure that taxes are not going up on middle class families. because it is going to be very hard for the economy to sustain its current growth trends if suddenly we ha
part of that is deficit reduction. part of it is also making sure that we're investing, for example, in rebuilding our infrastructure, which is broken. and, you know, if we are putting people back to work, rebuilding roads, bridges, schools, in part paying for it by some of these broader long-term deficit reduction measures that need to take place, that will grow the economy at the same time as we're also setting our path for long-term fiscal stability. number three. you know, we've got a huge...
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Dec 24, 2012
12/12
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the deficit of about $1 trillion that is for fiscal 2013. that assumes that somehow the fiscal cliff doesn't happen and we don't reduce the deficit by $600 billion. national debt, about $16 billion , debt held by the public -- as a percentage it is getting up there. we've had it before. as we talked about two weeks ago it is not so much that the size of the debt it is how fast the debt is growing in comparison to the size of the economy. you don't want to pay off the debt but you want it to fall. host: how did we get to this point? why is the government spending so much and under this president, we've seen the debt go up $1 trillion each year over the last four years. where is it going? guest: there are two main ways to look at it. right now, we're still coming out of this economic crisis. so you have large debts for four years mainly because you have low revenues as people don't have jobs or they are getting paid less. then there has been extra spending programs over the last four years but also, we have this mandatory spending programs tha
the deficit of about $1 trillion that is for fiscal 2013. that assumes that somehow the fiscal cliff doesn't happen and we don't reduce the deficit by $600 billion. national debt, about $16 billion , debt held by the public -- as a percentage it is getting up there. we've had it before. as we talked about two weeks ago it is not so much that the size of the debt it is how fast the debt is growing in comparison to the size of the economy. you don't want to pay off the debt but you want it to...
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Dec 26, 2012
12/12
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some will argue we need for deficit reduction purposes. we need to load the about that outcome is spending on health care, so this is an important deficit reduction policy. but i would ask you, is the right of this group of people, 65- and 66-year olds, bearing the very large costs. is this the group you think should be bearing huge parts? i would argue this is not a particularly fair shared version of this group of people to be sharing 10% of their income in addition to growing health care cost. it's really not something that they can there. so for us this is a pretty simple equation. it doesn't make sense as a matter of health policy. it raises costs. it doesn't lower than. it increases the number of uninsured. it increases premiums for everybody else who remains in medicare because you have now taken younger people and healthier people out of medicare. .. >> i think we got that point. thank you, david. our final presentation is from paul dennett who is the senior vice president for health care reform in the american benefits counsel. am
some will argue we need for deficit reduction purposes. we need to load the about that outcome is spending on health care, so this is an important deficit reduction policy. but i would ask you, is the right of this group of people, 65- and 66-year olds, bearing the very large costs. is this the group you think should be bearing huge parts? i would argue this is not a particularly fair shared version of this group of people to be sharing 10% of their income in addition to growing health care...
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that is only 5% or 6% of the deficit. when it comes to defense spending the only reason i would vote for this deal if sequestration is not included is trusting people like dianne to work with me to make sure it never becomes a reality post january 1. >> chris: even if you get the automatic cuts which are $110 billion or $120 billion in the first year even if you get those the deal that you are talking about does not reduce our national debt because extending the bush tax cuts on 98%, 99% of americans it will actually increase the debt by trillions of dollars over the next decade. the question is when are you guys going to get serious about spending? >> we are getting serious about spending. we already cut spending between the c.r. and the affordable care act. we cut spending a trillion dollars plus. how to there is an argument over how much but let's say it is a trillion and a half dollars. having said that, i think there is a commitment to cut spending. if you do it by virtue of sequestration it falls regardless of prior
that is only 5% or 6% of the deficit. when it comes to defense spending the only reason i would vote for this deal if sequestration is not included is trusting people like dianne to work with me to make sure it never becomes a reality post january 1. >> chris: even if you get the automatic cuts which are $110 billion or $120 billion in the first year even if you get those the deal that you are talking about does not reduce our national debt because extending the bush tax cuts on 98%, 99%...
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Dec 22, 2012
12/12
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deficit is not balanced with the government public transport issue are not solved in one year. we're public transport continued a national priority. we can't -- [inaudible] for the like of my young cousin. we can deliver more transport to get students from point a to point b. we can build a better, brighter future for young people. so when the opposition argument say it's not a national campaign, a focus of the divided region. i tell you this, divided we are weak, but united are the nation we are strong. more nation, one notion, one campaign. better public transport. [applause] [applause] >> thank you very much ib keyed for that. i note we have been joined by the former government chief when the labour party was in office nick browne. the member of parliament. it's great to have you here. thank you for coming. to oppose the motion, i call from the east of england. [applause] >> thank you, mr. speaker. we are here for one reason. to make contain and empower the young people that we so proudly represent. but, -- the parliament campaign for the next year to be made public transpor
deficit is not balanced with the government public transport issue are not solved in one year. we're public transport continued a national priority. we can't -- [inaudible] for the like of my young cousin. we can deliver more transport to get students from point a to point b. we can build a better, brighter future for young people. so when the opposition argument say it's not a national campaign, a focus of the divided region. i tell you this, divided we are weak, but united are the nation we...
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Dec 22, 2012
12/12
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last year, when the tea party republicans stymied the efforts of the deficit reduction committee that we called "the supercommittee," we said at the time that it would take a definitive election to decide the matter. november 6, the american people spoke. the american people spoke very clearly, and i think decisively. president obama has won all but one of the soda ash called swing states. he won a landslide victory in the electoral college, and he won the popular vote by more than 4.5 million votes. democrats in the senate added to their numbers, and won a popular vote margin of 56-44. and here in the people's house, more than 1.5 million more americans voted for democrats then voted for republicans. the american people have spoken loud and clear, yet the republican leadership continues to exercise extreme partisanship, in defiance of the will of the people. i am hopeful that the spirit of the season will take hold over the next several days, and we can come back here after christmas with less partisan extremism, and work together to achieve honorable compromises that will arrest the
last year, when the tea party republicans stymied the efforts of the deficit reduction committee that we called "the supercommittee," we said at the time that it would take a definitive election to decide the matter. november 6, the american people spoke. the american people spoke very clearly, and i think decisively. president obama has won all but one of the soda ash called swing states. he won a landslide victory in the electoral college, and he won the popular vote by more than...
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Dec 30, 2012
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, it is 6 or 7% and i don't believe all of it will go on the deficit. when we raised the debt ceiling in august of 2011, we borrowed $2.1 billion. we spent that much money, in 17 months. why would i raise the debt ceiling again, unless we address what put us in debt to begin with? i'm not going to raise the debt ceiling unless we get serious about keeping the country from becoming greece, and social security and medicare, here's what i would like, meaningful entitlement reform, not to turn social security into private accounts, not to take a voucher approach to medicare. but, adjust the age for social security, cpi changes and means testing and look beyond the ten-year window. i cannot in good conscience raise the debt ceiling without addressing the long term debt problems of this country and i will not. >> chris: and, senator feinstein, you heard president obama say we have to get out of the habit and will not start trading debt ceiling increases for spending cuts. >> i think the key to what he is saying is that you don't affect people at this time. wh
, it is 6 or 7% and i don't believe all of it will go on the deficit. when we raised the debt ceiling in august of 2011, we borrowed $2.1 billion. we spent that much money, in 17 months. why would i raise the debt ceiling again, unless we address what put us in debt to begin with? i'm not going to raise the debt ceiling unless we get serious about keeping the country from becoming greece, and social security and medicare, here's what i would like, meaningful entitlement reform, not to turn...
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Dec 25, 2012
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the tax cut deal, big fights over the budget and the debt ceiling and deficit reduction and also the bin laden grade and reagan but happened in egypt and libya. so i'm looking at how obama made the decisions he made and why he took the actions he took in that very perilous time politically would also explain how this is all done in a way to set up the 2012 campaign that we just went through. he had a theory indy to do big hit in 2010, yet the theory that he could make the 2012 race a choice not just between him and mitt romney but a choice between different ideologies and different approaches to government and values. everything he did in that timeframe he kept trying to tether to this big idea. when i wrote the book of course we didn't know how things were going to end up on november 6, 2012. i looked at how he developed his governing strategy and electoral strategy and it really dominated. this is the back story to what happened with this presidential campaign. >> david corn, showdown is his most recent book and we are here at the national press club.
the tax cut deal, big fights over the budget and the debt ceiling and deficit reduction and also the bin laden grade and reagan but happened in egypt and libya. so i'm looking at how obama made the decisions he made and why he took the actions he took in that very perilous time politically would also explain how this is all done in a way to set up the 2012 campaign that we just went through. he had a theory indy to do big hit in 2010, yet the theory that he could make the 2012 race a choice not...
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Dec 28, 2012
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the deficit has been improving. the federal deficit has improved over the last couple quarters. >> so is it the case that perhaps because the economy has done better that perhaps that would save us from a credit rating downgrade even if we go over the cliff? >> i don't expect another downgrade from the other rating firms. the next step would be putting it on negative watch. all three major credit rating firms have a negative outlook. the next step is a negative watch and then a downgrade. we don't expect that to happen. especially if the debt ceiling is raised, which is likely, not many people have been speaking about it, but that's likely to come out over the next couple of weeks. then there's the entitlement reform, which probably is more importantly actually than the deficit talks. >> so in terms of entitlement reform, if we have a mini deal, so to speak, where certain tax rates are maintained for the middle class, let's say, but the amount of time in which entitlement reform can be worked out is an extended time
the deficit has been improving. the federal deficit has improved over the last couple quarters. >> so is it the case that perhaps because the economy has done better that perhaps that would save us from a credit rating downgrade even if we go over the cliff? >> i don't expect another downgrade from the other rating firms. the next step would be putting it on negative watch. all three major credit rating firms have a negative outlook. the next step is a negative watch and then a...
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Dec 24, 2012
12/12
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doesn't contribute to the deficit. and we're talking about the deficit. why should social security be discussed in that context? >> completely off the table? >> absolutely. absolutely. and that was the -- and that was our position during the campaign. social security has nothing to do with the deficit. does not contribute to it. walled off from it. its own trust fund with $2.7 trillion in it at the moment. and the american people by huge majorities say we shouldn't be cutting social security or for that matter medicare benefits. you can cut medicare in ways you don't cut benefits and the hypocrisy of republicans that said that democrats are terrible because they took $716 billion from medicare for obama care and what do we want to do? pocket the cuts and add more. our chief demand is entitlement cuts. medicare and social security. >> talk about the debt ceiling and where this is played in to this conversation. that is coming up in february or supposed to come up in february. john boehner made the offer to take it off the table for a year but i want to sho
doesn't contribute to the deficit. and we're talking about the deficit. why should social security be discussed in that context? >> completely off the table? >> absolutely. absolutely. and that was the -- and that was our position during the campaign. social security has nothing to do with the deficit. does not contribute to it. walled off from it. its own trust fund with $2.7 trillion in it at the moment. and the american people by huge majorities say we shouldn't be cutting social...
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Dec 29, 2012
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insurance for two million americans looking for a job and lays the groundwork for more cooperation on deficit reduction and economic growth. guys, i can hear you over there. i believe a proposal can pass both houses bipartisan majority. as long as they let it come to a vote. if members of the house or senate want to vote no, they can. >> i would really like to know who he is shushing there. to his main point. here is what he intends to do. senators reed and mcconnell will try to come to a deal. but they will try to passes a bill on the two key democratic priorities and dare republicans to block it. and they will not be able to do it, at least not for long. >> if we get down to the end of the year and the only choice we have is to keep the taxes from going up on the middle class, i will support that. >> a quote was given, mr. boehner said he wanted a deal along the lines that the two men negotiated in 2011, you missed your opportunity on that. president told him. cold. but what we know right now, what we know from that, is that john boehner wishes he could go back in time, go back to 2011, and
insurance for two million americans looking for a job and lays the groundwork for more cooperation on deficit reduction and economic growth. guys, i can hear you over there. i believe a proposal can pass both houses bipartisan majority. as long as they let it come to a vote. if members of the house or senate want to vote no, they can. >> i would really like to know who he is shushing there. to his main point. here is what he intends to do. senators reed and mcconnell will try to come to a...
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Dec 30, 2012
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reduce the deficit by 10 or 12%. so it's a question at this point of what sort of hollow, empty meaningless symbolic gesture daus washington want to make and how many group of people do they want on the altar to make that gesture. >> what's so interesting here is that we're talking about the republicans fighting to protect 1.2% of the american public from a tax increase. 98.2% of taxpayers are below the $250,000 threshold so it's kind of amazing in congress, particularly when we're talking about the house, that he's made a pledge around tacks that its willing to allow 98.2% of americans to pay more by going over -- around this curve, it's more of a curve than a cliff. but i think the issue of the deficit is important. i don't think it's a symbolic gesture. one of the things that we've seen is $200 million we've started carving off the deficit. and the question is the time frame of deficit reduction, right? it's how fast, over what time trajectory do we see health? we've been making improvements over the past three ye
reduce the deficit by 10 or 12%. so it's a question at this point of what sort of hollow, empty meaningless symbolic gesture daus washington want to make and how many group of people do they want on the altar to make that gesture. >> what's so interesting here is that we're talking about the republicans fighting to protect 1.2% of the american public from a tax increase. 98.2% of taxpayers are below the $250,000 threshold so it's kind of amazing in congress, particularly when we're...